AMERCO REPORTS FISCAL 2022 FINANCIAL RESULTS

RENO, Nev., May 25, 2022 /PRNewswire/ -- AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for the year ended March 31, 2022, of $1,123.3 million, or $57.29 per share, compared with $610.9 million, or $31.15 per share for the same period last year.

For the quarter ended March 31, 2022, the Company reported net earnings available to shareholders of $86.7 million, or $4.42 per share compared with net earnings of $73.8 million, or $3.76 per share for the same period last year.

"Our teams worked hard to take care of new and existing customers over the past year. We were rewarded with increased business," stated Joe Shoen, chairman of AMERCO. "We are now in less certain times with significant inflation, large gas price increases and disruptions with nearly every significant supplier. Many companies are experiencing this. This is not particularly unique. We will just have to work through this. We are focused on our customer."

• Self-moving equipment rental revenues increased $79.0 million, or nearly 12%, in the fourth quarter of fiscal 2022 compared with the fourth quarter of fiscal 2021, and finished the full year up $875.5 million, or 28%, compared with fiscal 2021. The revenue improvement for the quarter was in both the In-town and one-way markets and primarily came from increased average revenue per transaction along with transactions. Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks, trailer and towing devices.
• Self-storage revenues increased $36.8 million, or 28%, in the fourth quarter of fiscal 2022 compared with the fourth quarter of fiscal 2021, and for the full year increased $139.9 million, or 29%, compared with fiscal 2021. The average number of occupied units increased by 23%, or 92,600 units, during the fourth quarter of fiscal 2022 compared with the same period last year. Occupancy for all locations increased 8.3% to 82.6% from the fourth quarter of last year to this year while occupancy for the subsection of these locations that have been at 80% occupancy for the last two years was 95.9%. In fiscal 2022, we added approximately 4.6 million net rentable square feet, or a 10% increase.
• Moving and Storage other revenues increased $15.7 million during the fourth quarter of fiscal 2022, compared with the fourth quarter of fiscal 2021 and $139.0 million for the full year compared with fiscal 2021, largely from increased moving and storage transactions within our U-Box program.
• For the quarter, depreciation on the rental equipment fleet increased $5.1 million while all other depreciation increased $4.5 million from buildings and improvements. Net gains on the sales of rental equipment increased $42.2 million. For the full fiscal year depreciation on the rental fleet increased $17.5 million while all other depreciation increased $15.5 million largely from buildings and improvements. Net gains on the sale of rental equipment increased $160.1 million.
• Fleet maintenance and repair costs increased $32.5 million in the fourth quarter of fiscal 2022 compared with the same period last year and $126.4 million for the full year of fiscal 2022. Increased customer use of the rental equipment combined with a slowdown in the rotation of new equipment into the fleet and older equipment out of the fleet is primarily responsible for the additional costs.
• Other operating costs at the Moving and Storage segment increased $94.1 million in the fourth quarter compared to the same period last year and $357.5 million for the full fiscal year 2022. The largest contributors to this were personnel, liability costs, freight, payment processing fees, utilities and property taxes.
• Operating earnings at our Moving and Storage operating segment increased $17.1 million in the fourth quarter of fiscal 2022 compared with the same period last year. Total revenues increased $131.6 million and total costs and expenses increased $114.5 million.
• Gross rental equipment capital expenditures for fiscal 2022 were approximately $1,061 million compared with approximately $870 million for fiscal 2021. Capital expenditures for the rental fleet, depending upon manufacturer availability, are expected to increase in fiscal 2023. Proceeds from the sales of rental equipment were approximately $602 million for fiscal 2022 compared with $527 million in fiscal 2021. Spending on real estate related acquisitions and projects increased approximately $499 million to $1,004 million in fiscal 2022 compared with fiscal 2021.
• Cash and credit availability at the Moving and Storage operating segment was $2,723.2 million and $1,115.3 million as of March 31, 2022 and 2021, respectively.

AMERCO will hold its investor call for fiscal 2022 on Thursday, May 26, 2022, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the internet at www.amerco.com. To hear a simulcast of the call, or a replay, visit www.amerco.com.

AMERCO is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our proprietary Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 186,000 trucks, 128,000 trailers and 46,000 towing devices. U-Haul is the third largest self-storage operator in North America and offers 876,000 rentable storage units and 75.1 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect AMERCO's business and future operating results, please refer to our Form 10-K for the year ended March 31, 2022, which is on file with the SEC.

Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2022 and 2021.

Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2022 and 2021

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows:

As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net ("PPE") being reclassed to Right of use assets - financing, net ("ROU-financing"). As of March 31, 2022, the balance of ROU-financing also includes the rental equipment purchased under new financing liability leases during fiscal 2022. The tables below shows adjusted PPE as of March 31, 2022 and 2021, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement.

SOURCE AMERCO